SHANGHAI, Aug. 27 (SMM) – LME tin opened at USD 22,156/mt on Tuesday. The metal touched day’s high of USD 22,180/mt and day’s low of USD 22,000/mt before closing down USD 50/mt at USD 22,050/mt. Trading volumes were down 6 lots to 383 lots, with positions up 223 lots to 22,203 lots. Inventories were unchanged at 13,235 mt.
US durable goods orders jumped 22.6% in July. The Conference Board’s consumer confidence index rose to 92.4 in August. These positive figures strengthened the US dollar, pressuring LME tin prices.
The macro front will be relatively quiet today. LME tin should test support at USD 22,000/mt on Wednesday. In Shanghai spot tin market, cheaper goods will flow in, with mainstream traded prices expected between RMB 139,500-142,000/mt.
